BW Ideol has signed an agreement to acquire a 5 per cent ownership in the 30 MW EolMed floating wind pilot project offshore France’s Mediterranean coast.
The project is progressing towards final investment decision (FID) with an expected start of construction in early 2022, BW Ideol said.
The floating wind farm, fully consented in February of this year, will comprise three Vestas 10 MW wind turbines mounted on BW Ideol’s Damping Pool floating foundations and installed 15 kilometres off Gruissan, France, in water depths of around 60 metres.
The project is owned by Qair and French energy major and oil giant TotalEnergies, which bought a 20 per cent stake in October 2020.
For BW Ideol, this investment confirms its dual-track growth strategy as a co-developer of floating wind projects and as a floating foundation EPCI provider, according to the company.
“By licensing our floater technology, providing design and engineering services and becoming a co-shareholder of the project, we are both executing our long-term growth and value creation strategy as well as strengthening our project portfolio and our unique access to a valuable return of experience”, said Paul de la Guérivière, CEO of BW Ideol.
As reported earlier this year after BW Ideol was established and set to list at the Oslo Stock Exchange, the company had set out an overarching goal of becoming a long-term owner of floating wind assets, as well as a strategy that includes two approaches: co-development of projects in joint ventures and using its EPCI and maintenance capabilities with the possibility to become a lessor of floating wind assets.
The company said that developing, building and operating floating wind farms in joint ventures was the main strategy for core markets where BW Ideol has a strong position. In markets with strong developers, the company plans to tap into BW Offshore’s FPSO experience and serve as an EPCI contractor for floaters and offer maintenance services, with a possibility for converting this into a leasing model.